Protecting Your Financial Stability After Your Divorce
You have worked long and hard to earn what you have, but your divorce can put your financial foundation at risk. Whether it is a family home, an investment property, a successful business and/or retirement savings, protecting what is yours is best accomplished with the help of an experienced family law advocate on your side.
At the Law Offices of J. Douglas Angel, we have the insight and experience you need. We understand your legal concerns about your complex assets. Our founding attorney draws from decades of experience, as well as on expert resources in business valuation, property appraisals, and financial advisory services. We can offer that along with the personal service you need during this challenging time. Call our office at 219-961-2166 to schedule a confidential consultation to discuss your property division matters. We can help you protect your future.
The Differences Between Splitting Taxable And Nontaxable Assets
If you have accumulated substantial retirement savings, either through a 401(k), IRA, and/or another account, you will have to be cautious with how you divide these assets in a divorce. Since there are financial penalties -‑ such as tax obligations and others -‑ for withdrawing funds for these kinds of accounts, you will want to be sure the asset is fairly divided rather than simply exchanged for another asset.
For example, if your spouse offers to give you the full 401(k) in exchange for a similarly valued bank savings account, he or she will have immediate access to cash, whereas you alone will have to incur the financial penalties of a 401(k) withdrawal. This would not be a fair deal.
Selling Property Versus Negotiating Ownership
Many divorcing couples value property owned differently. Your spouse may be personally attached to the family home, whereas to you it was just a financial investment. He or she may not want to sell the home, but you will need to get some sort of compensation for your portion of the equity and protect yourself with regard to the balance owed on the mortgage.
Figuring out how to divide physical assets -‑ like a home, car, investment property, and other important assets -‑ can be tricky. You will need to evaluate what matters most to you and what things you are willing to compromise on. As an experienced negotiator, and as a mediator, Doug Angel is a lawyer who has helped people work out these sensitive details without having to take matters to costly litigation.
The Path To Overcoming Worries About Your Divorce Starts Here
The Law Offices of J. Douglas Angel can help you get answers to your questions about protecting your assets in a high net worth divorce. We can provide the guidance you need to move forward on a stable financial foundation after your divorce. You can contact our office via phone at 219-961-2166, email, or the online form to schedule your consultation with our full-service family law firm.